France to Grant $45,000,000 Credit to Israel; Cabinet Hears Report

July 9, 1957

JERUSALEM (Jul. 8)

France has agreed to increase her original grant of $30,000,000 in credit to Israel to $45,000,000 and on more favorable terms. Finance Minister Levi Eshkol reported last night at the first Cabinet session since his return from the United States. En route home he stopped off in Paris.

The original credit grant required Israel to use $5,000,000 for consumer goods, $5,000,000 for semi-finished products and the remainder for development equipment. The new credit may be used entirely for development purposes, including the purchase of port equipment and facilities for the overland transportation of liquid cargo in bulk.

Official Israel circles expressed today their gratification at this latest French move, noting that at a time when the French economy is pressed France has agreed to increase the scope of her aid to the Jewish State.